Earlier this year an individual took a $100,000 from his IRA and paid it back within the 60 day time period. He later converted $250,000 to a Roth, and now thinks he did $200,000 too much. Can he within the rules of returning it to the IRA by 10/15/2015, not run up against the 12 month rule of only taking it out once, and still be able to return it? Client had two IRA’s and IRA “A” was where he took the money and returned it in 60 days, and the conversion to the Roth was done in IRA “B”.

Also if a client converts a $100,000 to a Roth at age 55, and only puts in $70,000 into the Roth as he wants to hold out $30,000 for the taxes, is he subject to the 10%penalty for early withdrawal.